WEEKLY ECONOMIC RECAP - 23RD EDITION
ZCAS Economics & Business Association (ZCASEBA)
Empowering Tomorrow's Leaders: Nurturing Excellence in Economics and Business
In an effort to promote digital payments, Yango and Zamtel have partnered to allow customers and subscribers to pay using mobile money. The partnership will also benefit the partner drivers and passengers who are Zamtel subscribers, as it will allow them to order data-free rides on Yango using Zamtel application while on Yango Pro.
2. Inflation is on the rise
Zambia’s annual inflation rate rose by 0.9 percentage points to 14.7 percent in May 2024, driven by price increases in both food and non-food items.
3. Debt restructuring update
Zambia’s ministry of finance said on Tuesday more than 90% of holders of its $3 billion in outstanding international bonds had accepted its restructuring proposal, paving the way for it to emerge from a lengthy default.
4. Copper output is up by 24%
Ministry of Mines and Minerals Development Permanent Secretary Hapenga Kabeta says copper production has gone up by 24 percent in the first quarter of this year, compared to the same period last year.?
The country produced 144,452 metric tonnes of the red metal in the first quarter of 2023.
5. ICT sector attracts $54m investments
Zambia has secured investments exceeding US$54 million in its information and communication technology (ICT) sector. Technology and Science Minister Felix Mutati said the investment follows Government’s decision to waive taxes on importation of ICT equipment.
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6. Zambia embraces AI
The Zambian government has finalised the drafting of an Artificial Intelligence (AI) policy that would guide the country on how to harness the benefits of the latest technologies.
7. Zambia records trade surplus?
Zambia recorded a trade surplus of K2.4 billion in April as the annual inflation rate for May increases to 14.7 percent. The trade surplus entails that the country exported more than it imported.?
8. Zambia received over K30 Million
Zambia has received in excess of K30 million in its drought response plan, of which 71 districts of the 84 identified to be the worst-hit by crop failure have so far received maize relief support?
9. Zambia has become the sixth-highest producer of farmed fish in Africa after Egypt, Nigeria, Ghana, Uganda & Tanzania, according to World Aquaculture Society. In its latest report, the society said the value chain approach to aquaculture production looks promising for the future. According to the report, Zambia is also the largest producer of tilapia in Southern Africa, increasing from as low as 750 metric tonnes annually in 1986 to 75,500 metric tonnes in 2022.?
Overall, there has been a buzz of economic activity this past week. Exciting news for Zambia's economy as the debt restructuring process continues to make progress, the acceptance of AI, trade surplus and much more. Indeed, this is a step in the right direction for the country's growing economy.
Written By Waza Kaunda & Robson Kofi